New Delhi, 23 July 2021: India’s leading multinational paint company, has spent a total amount of Rs. 62.98 crores on various Corporate Social Responsibility (CSR) initiatives during the financial year 2020-21. The company’s focus areas for the CSR activities included health & hygiene, education, water management, and vocational training.
The average net profit of the company was Rs. 3,147.70 crores. Thus, its prescribed CSR budget (two percent of average net profit) stood at Rs. 62.95 crores. By spending a sum of Rs. 62.98 crores on CSR initiatives, which is an excessive amount of Rs. 3 lakhs, the company has spent 2.1% of PAT (Profit After Tax).
Asian Paints - CSR spent 2020-21
According to the annual report of Asian Paints, it spent Rs. 48.20 crores for the financial year 2020-21. The total amount transferred to the Unspent CSR Account is Rs. 14.78 crores. This amount is earmarked for ongoing projects and has been transferred to the ‘Unspent CSR Account’ as per the terms of Section 135(6) of the Companies Act, 2013.
Last year, the company had exceeded its CSR spent by close to 30 %. The prescribed CSR budget of the company during the year 2019-20 was Rs. 57.51 crores. However, it had spent a total of Rs 74.6 crores, exceeding the prescribed CSR budget by close to 30%.
Asian Paints - Major CSR Projects in FY 2020-21
Of its total CSR spend, the company allocates 50% to the initiatives under skill development, Colour Academy being a major one, and the rest primarily towards healthcare and hygiene, education, and water conservation projects.
The company spent more than Rs 25 Cr on Skilling and vocational training, technical knowledge distribution and livelihood enhancement programmes. The operation areas for such programmes included districts of Ahmedabad, Solan, Bengaluru, Cochin, Kozhikode, Jabalpur, Bhopal, Mumbai, Nagpur, Aurangabad, Pune, Vizag, Bhubaneshwar, Bhathinda, Ludhiana, Jaipur, Chennai, Viluppuram, Madurai, Hyderabad, Lucknow, Varanasi, Kanpur, Ghaziabad, Gorakhpur, Agra, Dehradun, Nainital, Kolkata, Hooghly, Burdwan, Una.
Further, the company also contributed close to Rs 10 Cr on Disaster management programmes across in the states of Odisha, Andhra Pradesh, Telangana, Himachal Pradesh, Uttar Pradesh, Karnataka, Maharashtra, Gujarat and Tamil Nadu.
As part of the CSR initiative in Kasna, Uttar Pradesh, the company created rainwater recharge potential by constructing ponds of 7,360 KL and 2,559 KL capacity at Mehpa Jagir, Uttar Pradesh and Pachayatan Uttar Pradesh, respectively. With this initiative, the current capacity of rainwater harvesting supports together more than 30 families living around the village.
Some of the programmes where company’s employees volunteered during the financial year 2020-21 are as follows:
- Distribution of ration kits and masks during lockdown
- Gift-A-Card - Spread Happiness: A virtual volunteering initiative intended to benefit sex traffic survivors. The company’s employees across the locations volunteered to prepare handmade greeting cards.
- Audiobook recording for visually impaired children
- Free Rice - Participating in a free, online quiz game with multiple choice questions where the more one plays, the more quantity of free rice is donated to families in need. This program is supported by UN Food Program.
The Chairman of company’s CSR Committee is Mr Malav Dani. Other key members of the committee include Vibha Paul Rishi, Amrita Vakil, Deepak Satwalekar, and Amit Syngle.
